Word: lasts
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Dates: during 1980-1989
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From 1982 to 1986, Saatchi & Saatchi revenues increased more than elevenfold, from $62 million to $697 million. In 1986, with the $450 million purchase of the Ted Bates agency, the brothers reached their avowed goal: Saatchi & Saatchi was the world's biggest ad firm. By last year, their client billings had reached $13.5 billion (runner-up Interpublic billed $8.4 billion), and the company had offices in 58 countries...
Maurice finally sounded a tocsin last March, warning that profits would decline for at least the first half of 1989. He also announced plans to sell off much of the firm's $360 million consulting investment. Calling the move "ham-handed," Alan Gottesman, an advertising analyst at the Paine Webber brokerage firm, noted that Maurice "managed to depress morale and performance in the consulting arm at the same time that he was letting potential buyers know they could pick up the firms at a discount." Fearing a messy auction, clients began to switch to other consulting agencies. So far, only...
Saatchi management launched an overall restructuring program. Starting last spring, more than 800 corporate employees lost their jobs. Plans were laid to close corporate offices in Washington and to trim operations in New York City and in London, where the corporate staff last year moved into a glossy new global headquarters on sedate Berkeley Square. In addition, five of the firm's twelve directors left. As rumors of further shake-ups spread, Carl Spielvogel offered in July to buy the Backer Spielvogel Bates network. Charles Saatchi declined...
From his prison quarters in South Africa's wine-producing region near Paarl, Nelson Mandela has been conducting a quiet diplomatic campaign. Last July he accepted an invitation from his adversary, former President P.W. Botha, for a historic face-to-face meeting. Mandela has since received a series of visitors at the Victor Verster Prison Farm, where he is serving his 26th year of a life sentence for plotting to overthrow white rule. Most of his powwows have been with leaders of rival antigovernment groups. But last week Mandela, 71, a leader of the banned African National Congress (A.N.C.), traveled...
Mandela's top priority might be negotiating peace among blacks. A unity conference held by the A.N.C.-allied Mass Democratic Movement in Johannesburg last week was most notable for its failure to include its two main rivals: < Inkatha, the Zulu-based organization led by Chief Mangosuthu Buthelezi, who heads a Pretoria-created homeland; and the Pan-Africanists, an A.N.C. splinter group that seeks to crush white "colonialists." Much of the tension stems from the A.N.C.'s insistence that it alone can negotiate on behalf of blacks...